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At one point during Thursday’s session, both the SPY and QQQ were nearly 20 points off their weekly highs. After a light rally into the close, and Friday’s early action pointing to a green open, we’ll monitor just how much of that we’re going to make up. We have to be cautious the markets don’t roll into the weekend, however, and after the last two sessions most long biased swing traders are sitting back and waiting for their opportunity. Very important to have, and stick to, your trading plan when things get dicey.
No ideas on the MMB today. Newer traders should be very cautious in this high volatility environment. There should be some great long side opportunities, especially in tech, if/when we stabilize and move back up, but we need to wait and see if the markets hold their current short term levels of support before we move into anything. We’re still in ‘falling knife’ mode until we get at least one session of neutral to bullish price action.